Paul F. Gentle

This article examines the special use of tobacco warehouse receipts as a store of value, medium of exchange and unit of account in Virginia during part of the British Colonial period. These receipts met the three criteria necessary for them to be a type of money. When confidence in a system of currency with coins is present, this more conventional form of money takes precedence. A respected economic form of currency with coins has all three elements of money: medium of exchange, store of value and unit of account. Tobacco warehouse receipts were used as a form of money in Colonial Virginia. They were used since there was insufficient gold or silver for the commerce in British Colonial Virginia at that time. Also, the concept of store of value is examined in detail.

Some American economists have contemplated taking a visiting academic post at a Chinese University. This article is to help inform an American economist what some facets of the experience may be like. There is a literature review, which includes the work of Gregory Chow who was one of the most influential economists, who ascertained the economic education needs of China, once Deng Xiaoping wished to implement a much less Maoist economic model. The experience of an American economist who was a visiting faculty member in China for almost twelve years serves as the basis of this story. The results of this article several cities in China have produced an outlook of what contemplating American faculty to be mindful of. One can learn a lot through assignments in China. Knowing how to convey a respectful attitude towards Chinese will usually increase the respect the Chinese show visiting American economics faculty.